Solve a Consumers' or Producers' Surplus Problem. A popular three-story dollhouse has a price-demand equation given...
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Solve a Consumers' or Producers' Surplus Problem. A popular three-story dollhouse has a price-demand equation given by p= D(x)=370-1.3x dollars, which gives the price per dollhouse when a dollhouses are demanded. The price-supply equation for the dollhouse is given by p S(x) = 118.9 +1.8x dollars, which gives the price per dollhouse when a dollhouses are supplied. Find (a) the consumers' surplus and (b) the producers' surplus. The consumers' surplus is (Your answer must begin with S.) The producers' surplus is (Your answer must begin with $.) Solve a Consumers' or Producers' Surplus Problem. A popular three-story dollhouse has a price-demand equation given by p= D(x)=370-1.3x dollars, which gives the price per dollhouse when a dollhouses are demanded. The price-supply equation for the dollhouse is given by p S(x) = 118.9 +1.8x dollars, which gives the price per dollhouse when a dollhouses are supplied. Find (a) the consumers' surplus and (b) the producers' surplus. The consumers' surplus is (Your answer must begin with S.) The producers' surplus is (Your answer must begin with $.)
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